Anticipating difficult economic conditions well into 2009, Target Corp. on Tuesday unveiled job cuts affecting about 9 percent of its headquarters staff in Minneapolis and St. Paul. The company said 600 jobs will be eliminated at its headquarters and 400 open positions will not be filled. In addition, Target said it will close its Little Rock, Ark., distribution center, which employs 500 people, later this year.
Target has experienced weaker-than-expected sales, which is pressuring earnings performance. Same-store sales in November declined 10.4 percent compared with the same prior-year period and comp-store sales in December decreased 4.1 percent. Earnings per share in the third quarter ended Nov. 1 dropped 13.8 percent to 49 cents a diluted share from 56 cents in the same period a year ago.
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